Social Security update: First round of direct payments worth up to $4,555 arrives in five days

Round one of three Social Security retirement payments for October, which is worth up to $4,555 for those who retired at the age of 70, will be sent to millions of recipients in just five days.

The first round will be released on Wednesday, Oct. 11, and will be for those born between the 1st and 10th of a month. The second payment will be released a week later, on Oct. 18, and will go to people born between the 11th and 20th of a month. The last group, people born on or after the 21st of a month, will receive their payments Oct. 25.

THE REAL COST OF BIDEN’S $127 BILLION STUDENT LOAN GIVEAWAY

The maximum amount of money each retiree can receive from the government varies depending on certain factors, including the person’s age at retirement, how much they paid into Social Security, and how many years were paid into the program. Beneficiaries need to spend at least 10 years paying into the program to receive money for retirement.

Beneficiaries who retire at the youngest age of 62 can get up to $2,572 per month, and those who retire at the full age of retirement, 67, receive a maximum check of up to $3,627 per month. People who delay retirement until they are 70 can receive up to $4,555 per month, according to the Social Security Administration.

The retirement paychecks are separate from the disability payments sent through the federal Supplemental Security Income program.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The payments could be lower in 2034 if Congress does not find a way to fund the program. Analysts estimate that the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.

Another possible change could include restructuring how the payments go out, but people already on Social Security would not be affected by the changes.